Tech stocks, like Broadcom and Tesla, boost market; mixed indexes, weaker economic data.

From Nasdaq: 2024-06-13 18:23:04

Stock indexes ended mixed on Thursday, with the Nasdaq 100 hitting a record high while the Dow Jones fell to a one-week low. Bond yields dropped after unexpected economic data, fueling speculation of a Fed rate cut later this year. Positive corporate earnings from Broadcom and Tesla boosted the market. US weekly jobless claims surged to a 10-month high.

In economic news, US May PPI figures came in weaker than expected, raising chances for a rate cut. Q1 earnings performance exceeded estimates, with about 81% of S&P 500 companies beating expectations. Overseas markets closed lower, with Euro Stoxx 50 hitting a 5-week low. Interest rates fell as T-note prices surged on dovish reports.

European government bond yields declined, with German bund and UK gilt yields hitting multi-week lows. Eurozone industrial production fell unexpectedly, while ECB Governing Council member Muller hinted at sustained interest rates. Market sentiment points to a potential rate cut by the ECB in upcoming meetings. Stock movers included Broadcom, Nvidia, Tesla, and Ulta Beauty, among others.

Some notable stock decliners were Paramount Global, Generac Holdings, General Electric, Dave & Buster’s Entertainment, and Airbnb, due to various reasons like rating changes, weak earnings, and insider selling. The day also saw earnings reports from Anterix Inc. Market outlook remains uncertain, driven by economic data, corporate earnings, and global factors influencing investor sentiment.



Read more at Nasdaq: Strength in Tech Stocks Boosts the Broader Market